LONDON (Reuters) – Elliott Associates is considering what further action it can take against the London Metal Exchange (LME) for cancelling nickel trades in March 2022, the U.S.-based hedge fund said on Monday. Elliott claimed damages of $456.4 million after the nickel price hit a record above $100,000 a tonne on March 8, 2022, prompting […]
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Hedge fund Elliott looking at further action against LME for cancelled nickel trades
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LONDON (Reuters) – Elliott Associates is considering what further action it can take against the London Metal Exchange (LME) for cancelling nickel trades in March 2022, the U.S.-based hedge fund said on Monday.
Elliott claimed damages of $456.4 million after the nickel price hit a record above $100,000 a tonne on March 8, 2022, prompting the LME to suspend nickel trading and void trades on that day.
Britain’s financial regulator last week fined the LME 9.2 million pounds for allowing nickel prices to surge out of control three years ago in the first ever enforcement action against a UK exchange.
“Elliott is carefully reviewing the FCA’s Final Notice and is considering what further action, if any, it may take in this matter,” Elliot said in an email.
(Reporting by Pratima Desai; editing by Eric Onstad)